Optimism for the maritime industry following Trump and Xi’s meeting Last week, China and the US reached an initial consensus on several key trade issues following two days of high-level talks in Kuala Lumpur. The discussions were described as “constructive” and covered a broad range of topics, measures targeting China’s maritime, logistics, and shipbuilding sectors, tariff suspensions, agricultural trade, export controls, and cooperation on fentanyl-related law enforcement. US lowers tariffs on China, ‘rare earth roadblock’ resolvedXi and Trumps’ meeting in

Port fees and sanctions loom large; tanker rates still soaring Tanker: Continued strength, positive forward outlookThe tanker market reflects a positive outlook, with strong rates across VLCC, Suezmax and Aframax segments following a slow start to last week. The Aframax market had a very strong week with an overall increase of 13%. Long haul cargoes going east saw the largest progress. Single voyage fixtures for VLCCs have once again surpassed USD 100,000 per day, reflecting sustained strength in the crude

Implementation postponed following resistance from key member states and the US under Trump Last week, the International Maritime Organization (IMO) voted to postpone the adoption of its Net-Zero framework until 2026. The framework was expected to introduce a carbon pricing system rewarding cleaner ships while penalising higher emitters. However, opposition from several member states, including large fossil fuel producers, the Greek Union of Shipowners, and the United States under President Donald Trump, led to the delay. Critics have also argued

New sanctions expected to be positive for the tanker market This week, the United States intensified sanctions on Russia by targeting its two largest oil producers, Rosneft and Lukoil, which account combined for roughly 55% of national output. With previous measures already covering another 20% through Surgutneftegas and Gazprom, close to three quarters of Russian production is now under restriction. The move is expected to disrupt trade flows and increase inefficiencies in global oil transport, particularly between the Atlantic and

Pipeline resumption supports Aframax/Suezmax activity amid political uncertainty in northern Iraq The reopening of Iraq’s Kirkuk-Ceyhan pipeline has returned about 180 kb/d of crude to Mediterranean trade, with exports set to rise to 230 kb/d by early 2026. Recent liftings have mainly involved Aframaxes and Suezmaxes bound for Turkish and Greek refiners, supporting short-haul employment in the Mediterranean. While political and payment disputes between Baghdad, Ankara, and the KRG continue to pose risks, the resumed flows offer incremental support for

Tanker strength offsets softer LPG and PCTC performance amid trade and policy turbulence Tankers: Rates remain elevatedSuezmax rates have reached their highest levels in nearly two years, with several routes exceeding USD 90,000/day amid firm sentiment across key regions. Both VLCC and Aframax segments also remain firm, with overall average earnings holding at an impressive USD 72,000/day.  Oil prices softened as the Israel-Hamas ceasefire reduced geopolitical risk and supply growth from OPEC+, Guyana, and Brazil weighed on the market, but

Trump officials take combative approach to climate diplomacy On Thursday, the International Maritime Organization (IMO) voted on the Net-Zero Framework, which combines greenhouse gas limits with fees and subsidies to decarbonize shipping. Donald Trump has strongly opposed this framework, calling it an “unsanctioned global tax regime,” arguing it would raise costs for businesses and consumers. Last Friday, the United States threatened to impose sanctions and other punitive measures on any country that votes in favour of a carbon tax on

Reduced tension could lower premiums and restore confidence in Suez transits A ceasefire between Israel and Hamas took effect this week, drawing increased focus on the potential easing of disruptions in the Red Sea. For now, shipping companies remain in a wait-and-see stance, with no immediate changes in routing patterns anticipated. However, the ceasefire is likely to ease geopolitical tensions around the Red Sea corridor, which has faced ongoing disruptions due to regional instability. If the truce holds, risk perception

New fees on opposite part’s vessels announced China released export restrictions for rare earth minerals and other raw materials last Thursday, with the potential to impact the global economy through increased expenses for large US tech companies reliant on these materials in production. Trump quickly retaliated threatening a 100% tariff on November 1st on top of existing duties on imports from China. The US has released an update on looming port fees that more than triple the cost for car

Geopolitics disrupting goods trade – crude market improves Tankers: Earnings rebound after demand increaseCrude tanker sentiment strengthened after last week ‘s softness. Average VLCC earnings rebounded by 26% week-on-week, supported by firmer demand and limited tonnage. Suezmax rates also rose slightly, while Aframax markets remained active in the North Sea and Mediterranean.The US sanctioned a Chinese teapot (small-sized) refinery and the Rizhao Shihua Crude Oil Terminal, which handles roughly 9% of China’s crude imports. Despite increased enforcement, Iranian exports remain